Addictions Therapeutics Market: Rising Addiction among General Populace Drives Market Growth
The addictions therapeutics market was valued at US$ 6,691.01 million in 2019 and is projected to reach US$ 10,735.94 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027.
Addiction is a psychological and physical inability to stop consuming drugs, alcohol, opioids, and related category substances, even though the consumption of those substances causes various mental and physical harms. Addiction can be life-threatening if not stopped. Therefore, there are several options such as drug therapy and rehabilitation to stop addiction in a better way. Rising addictions among common people and increasing awareness campaigns drive the growth of the addictions therapeutics market. Moreover, the rising demand for R&D from contract organizations is expected to bolster the market growth during the forecast period. However, steep costs of drug development restrict the market growth.
In North America, the US is the most affected country due to the pandemic of the COVID-19 outbreak. The country has reported the highest number of COVID-19 positive cases. Across the nation, various healthcare research centers are working on the COVID-19 therapeutics. The demand for addictions therapeutics are reduced due to lockdown and supply chain disruptions across the region, which hinders the growth of the addictions therapeutics market.
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Key Findings from The Addictions Therapeutics Market
- Based on treatment type, the addictions therapeutics market is segmented into nicotine addiction treatment, alcohol addiction treatment, opioid addiction treatment, and other substance addiction treatment.
- The nicotine addiction treatment segment held the largest share of the market in 2019, and it is anticipated to register the highest CAGR during the forecast period. The growth of the market for nicotine addiction treatment segment is attributed to rising anti-smoking policies and growing awareness regarding the side effects of nicotine consumption.
- Based on drug type, the addictions therapeutics market is segmented into varenicline, bupropion, nicotine replacement products, buprenorphine, naltrexone, disulfiram, and others. The varenicline segment held the largest market share in 2019.
- The nicotine replacement products segment is anticipated to register the highest CAGR during the forecast period. The market growth for the nicotine replacement products segment can be attributed to the rising number of smokers and increasing launches of nicotine replacement products. For instance, GlaxoSmithKline offers a wide range of NRT products such as Nicotinell Chewing Gum, Nicotinell Compressed Lozenge, and Nicotinell 24 Hour Patch.
- In 2019, the outpatient treatment center segment held the largest share of the market. The growth of the market for this segment is attributed to the high preference for outpatient treatment centers as these centers offer less expensive treatments with a flexible time schedule.
- Cipla Ltd, Indivior Plc, Pfizer Inc, Orexo Ab, Glaxosmithkline Plc, Purdue Pharma L.P, Alvogen, Bausch Health, Camurus Ab, and Hikma Pharmaceuticals Plc are among the companies operating in the global addictions therapeutics market.
Rising Addiction among General Populace Drives Addictions Therapeutics Market Growth
Drug addiction, also referred to as substance disorder, leads to harmful consequences and hampers an individual’s brain, behavior, and metabolic processes leading to an inability of control. Also, prescription drug abuse is becoming a serious issue worldwide. The addiction of abusive substances is responsible for the death of millions of people across the world. According to the National Institute on Drug Abuse (NIDA), ~21 million people had at least one addiction worldwide in 2019, out of which only 10% received treatment for the same.
Alcohol and drug addiction cause a high economic burden to various countries across the world. According to the Addiction Center, US, drug and alcohol addiction costs the US economy ~US$ 600 billion every year. According to the Global Change Data Lab, ~350,000 people across the world die each year due to drug overdose. The data also suggests that ~1.5% of the global disease burden results as an outcome of excessive alcohol consumption and illicit drug addiction. This percentage in a few countries is up to 5%.
According to a national study conducted by the AlIMS-Delhi in association with 10 medical institutes and 15 NGOs in 2019, a substantial percentage of Indians used psychoactive substances such as drugs, cannabis, and alcohol. According to the Addiction Center, ~11% of the French population used cannabis at some point between 2017 and 2017. Moreover, in 2017, ~41,000 deaths were reported in France due to the consumption of alcohol. Amphetamines and cocaine are popularly used among the German population. However, the reports of Addiction Center state that the number of people undertaking treatments for addictions has increased in recent years. The rising awareness about addiction treatments is another factor that is likely to support the growth of the addition therapeutics market in the coming years.
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